Media OutReach

Services trade surges as China embraces smart technologies, openness

Published

3 months ago

15/09/2025

BEIJING, CHINA – Media OutReach Newswire – 15 September 2025 – In Shougang Park, a former ironworks site in western Beijing, new technologies from AI to cloud computing and green innovation are on display amid the rusty blast furnaces and steel relics.

The 2025 China International Fair for Trade in Services (CIFTIS), featuring digital innovation and intelligent technologies, is underway in the park, gathering nearly 2,000 enterprises, including Global Fortune 500 companies and leading industrial enterprises in search of new cooperation opportunities in China.

Caption: This photo taken on Sept. 11, 2025 shows a photography enthusiast taking pictures of the night view of Shougang Park in Beijing, capital of China. Against the backdrop of repurposed blast furnaces and industrial relics of Shougang Park in western Beijing, the 2025 China International Fair for Trade in Services (CIFTIS) opened on Wednesday, striking a tone of open markets and digital innovation. (Xinhua/Chen Yehua)

Global exhibitors and business leaders are optimistic about the growth and future of China’s international services trade, hailing the country’s consistent policies to open up its services sector as a catalyst for global trade and shared growth.

ROBUST GROWTH

For Philips, the Dutch medical technology leader with a four-decade presence in China, the fair reflects robust momentum in the country’s healthcare sector. Returning to CIFTIS for the fifth consecutive year, Philips unveiled its latest magnetic resonance system, a breakthrough that shortens scan times and boosts efficiency.

“The growing awareness of healthcare and the leap in medical technologies have fueled the sector’s growth in China,” said Yang Donglan, vice president of Philips Greater China. “Every year at CIFTIS, we feel China’s business environment becoming more open and inclusive, giving us the confidence to deepen our roots here.”

Tourism company TUI China shares that optimism. The Germany-headquartered firm sees inbound travel gaining fresh momentum.

Technology has been a boost to tourism, said TUI China CEO Guido Brettschneider, noting that modern technologies, ranging from translation tools that enable tour guides to communicate in multiple languages to mobile payment options like Alipay and WeChat Pay for overseas visitors, have reduced barriers and enhanced traveler satisfaction.

The numbers bear this out. From January to July in 2025, China’s total services trade reached 4.58 trillion yuan (642.7 billion U.S. dollars), up 8.2 percent year on year. Tourism, a pillar of this growth, totaled 1.26 trillion yuan (177 billion dollars), surging 10.4 percent, according to a report from the Chinese Ministry of Commerce in early September.

The growth is attracting more global partners. Australia, this year’s guest country of honor at CIFTIS, sent its largest-ever delegation of nearly 60 organizations and companies.

On the opening day, it signed 15 agreements with Chinese partners in sectors including education, healthcare, finance and culture.

“China remains a market of tremendous potential in the service sector,” said Dominic Trindade, commercial minister at the Australian Embassy in Beijing. “Australia is committed to the Chinese market and our service providers are ready to develop new partnerships here.”

TECH POWER

At the Industrial and Commercial Bank of China (ICBC) booth, a humanoid robot greeted visitors, offering a glimpse into the future of banking.

Already deployed in several branches, the AI assistant can answer questions and explain bank services — an emblem of this year’s CIFTIS theme: “Embrace Intelligent Technologies, Empower Trade in Services.”

Digital innovation is becoming the backbone of China’s service economy. In the first seven months of 2025, knowledge-intensive services — including AI, digital finance, and professional consulting — rose 6.8 percent to 1.78 trillion yuan (250 billion dollars), said the commerce ministry report.

For Zaha Hadid Architects, a British architecture and design firm, the tech boom is transforming the construction services industry.

Digital tools are adopted throughout the construction process, from design to fabrication, enabling factories to precisely execute the design, which enhances accuracy and quality control, said Satoshi Ohashi, director of Zaha Hadid Architects.

China has built an incredible manufacturing base, and now it has grown and developed into an innovation powerhouse, said Ohashi. “And I think that’s the power and potential of the Chinese economy.”

The view is echoed by Henning Kristoffersen, commercial counselor of the Royal Norwegian Embassy in Beijing, who noted that China’s technological advancements are helping international firms raise efficiency and sharpen competitiveness.

By shifting from traditional industries to high-value-added sectors, China is enhancing its capacity to deliver high-quality and innovative services to its international partners, said Dale Pinto, president and chair of the board of CPA Australia. “This transition is opening new avenues for global cooperation of mutual benefit.”

POLICY OPENNESS

The rapid expansion of China’s services trade comes amid its consistent commitment to opening up and win-win cooperation.

Amid a notable rise in unilateralism and protectionism, China has steadily advanced institutional opening up in trade in services, which has provided strong momentum for its own development and created greater room for global economic growth, said Chinese Vice Premier Ding Xuexiang during a keynote speech at the event.

He also reiterated China’s commitment to working with all countries and parties to strengthen opening up and cooperation in services trade.

This commitment is tangible for foreign companies like Philips.

A more open and inclusive business environment in China offers more pragmatic opportunities for the company’s development, encouraging it to further strengthen its operations here, said Yang Donglan, vice president of Philips Greater China.

Global scholars have hailed China’s opening up as a strong driver for an open world economy and inclusive growth.

China’s efforts to advance high-standard opening up bring opportunities for shared development and prosperity to countries of the Global South, while improving the global governance system, said Mutinda Mutisya, a senior lecturer at the Department of Diplomacy and International Studies of the University of Nairobi.

Steps taken by Chinese policymakers have created a platform for equal participation by its partners, including emerging economies, said Tolonbek Abdyrov, a professor of economics and vice rector of the International Higher School of Medicine in Kyrgyzstan, noting that China’s advocacy for equal rights to development of all countries sends a clear and positive message.

CIFTIS and China’s commitment to openness provide a much-needed boost to global trade, strained by tariff hikes, said Herman Tiu Laurel, president of the Asian Century Philippines Strategic Studies Institute, a Manila-based think tank. “CIFTIS will help sustain and improve the momentum of global trade and growth.”
Hashtag: #CIFTIS

The issuer is solely responsible for the content of this announcement.

Media OutReach

Payment Options Singapore Secures In-Principle Approval from MAS for Major Payment Institution Licence

Published

15 hours ago

08/12/2025

Media Outreach

SINGAPORE – Media OutReach Newswire – 8 December 2025 – Payment Options Pte Ltd, a Singapore-based payment solutions provider, is pleased to announce that it has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence under the Payment Services Act 2019.

Payment Options Pte Ltd office in Singapore

This milestone underscores Payment Options’ commitment to supporting Singapore’s small and medium-sized enterprises (SMEs) with simple, secure, and accessible digital payment solutions.

If granted the licence, Payment Options Pte Ltd will be authorised to provide three regulated payment services: Merchant Acquisition, Domestic Money Transfer, and Cross-Border Money Transfer. Through these services, the company aims to empower SMEs with a full suite of payment capabilities — from online payment gateways and QR code payments to the upcoming SoftPOS payments technology — enabling merchants to accept digital payments easily and securely.

“We remain deeply committed to supporting Singapore’s SMEs as they grow and compete in an increasingly digital-first economy. Our vision is to position digital payments as a growth enabler — not a challenge — for small businesses”, said Aaron Yip, Director of Payment Options Pte Ltd. “Our goal is to make digital transactions seamless, secure, and accessible for every business, regardless of size.”

Building on this vision, if the licence is granted, Payment Options will continue to work closely with local merchants, financial institutions, and technology partners to enhance payment accessibility and drive innovation across Singapore’s SME ecosystem.

“We reaffirm our commitment to regulatory compliance and innovation, as we contribute to Singapore’s ongoing journey toward a secure, inclusive, and cash-lite economy.”

The IPA granted by the MAS indicates that a licence may be issued upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant. The IPA does not constitute a licence to provide payment services at this stage, and MAS reserves the right to rescind the approval if it deems appropriate.
Hashtag: #PaymentOptions

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The issuer is solely responsible for the content of this announcement.

About Payment Options Pte Ltd

Payment Options Pte Ltd is a Singapore-based financial technology company providing innovative and secure payment solutions designed to help SMEs and merchants simplify digital transactions. With a focus on compliance, technology, and customer experience, the company aims to make digital payments accessible for every business.

Media OutReach

Financial Assistance at SIM: Breaking Barriers to Education

Published

16 hours ago

08/12/2025

Media Outreach

SINGAPORE – Media OutReach Newswire – 8 December 2025 – For many aspiring learners, financial constraints remain one of the biggest obstacles to achieving their goals. SIM is determined to change that. Guided by the principle that no student should be left behind because of cost, SIM has built a comprehensive ecosystem of financial aid, scholarships, and bursaries to make quality education attainable for all.

At the heart of this mission is the SIM Impact Fund, a S$60 million initiative dedicated to empowering students from diverse backgrounds and ensuring that financial hardship never stands in the way of academic or personal growth. By blending need-based assistance with merit-driven opportunities, SIM is creating an inclusive learning environment where talent and ambition define success.

Empowering Learners Through the SIM Impact Fund

In 2024, SIM introduced the SIM Impact Fund, a S$60 million initiative dedicated to supporting students from lower-income households and ensuring that financial constraints do not hinder educational aspirations. Administered through SIM Trust, the fund is designed to empower learners within and beyond SIM’s community by removing barriers to access. Beginning in 2025, Singapore Citizens and Permanent Residents with a per-capita income of S$1,750 or below can benefit from tiered assistance, ranging from S$6,000 up to S$13,500 for those with PCI of S$600 or less, S$4,500 to S$6,750 for PCI between S$601 and S$1,000, and S$2,000 for PCI between S$1,001 and S$1,750. Beyond tuition aid, the fund also provides support for overseas internships and merit-based scholarships, benefiting approximately 500 students annually.

Beyond Tuition: Comprehensive Financial Aid

SIM’s commitment to learning accessibility goes far beyond tuition subsidies. Through its Financial Assistance schemes, students can tap into a range of support options tailored to different needs. These include Enhanced Bursaries Aid, which provide up to S$13,500 per year for Singapore Citizens, and a SIM GE Crisis Fund offering emergency relief of up to S$5,000 for unforeseen circumstances. In addition, SIM encourages global exposure through Study Abroad Awards, enabling students to broaden their horizons without financial strain. Together, these initiatives reflect SIM’s ethos of inclusivity and resilience, ensuring that financial challenges never derail academic aspirations.

Community-Focused Support

The Dr Richard K M Eu – SIM Social Entrepreneurship Centre (RESSEC) exemplifies SIM’s deep-rooted commitment to community empowerment and social impact. Launched in July 2024 in partnership with the late Dr Eu’s family,

RESSEC received a combined S$8 million donation, S$6 million from the Eu family and S$2 million from SIM, marking a significant investment in nurturing social entrepreneurship. Guided by Dr Eu’s vision of transforming social service through ethical leadership and innovation, the Centre equips learners and social service professionals via initiatives such as a specialised postgraduate Diploma in Social Entrepreneurship, mentorship, and collaborative dialogues.

RESSEC also provides 12 bursaries of S$10,000 each for SIM Global Education students (check that this is accurate and that it’s not also extended to those outside the SIM ecosystem) who demonstrate strong community service and leadership and those with per-capita income up to S$1,750, prioritising those with per-capita income less than S$1,000. Through this initiative, SIM embeds purpose-driven learning into its mission, empowering students to create sustainable, positive impact in Singapore and beyond

Scholarship for Excellence

SIM offers a diverse range of scholarships under SIM Global Education to recognize excellence and resilience among its students. These include the SIM STARRR Award, which provides up to S$36,000 to outstanding achievers who demonstrate academic distinction and leadership qualities, and the Sports & Arts Talent Award, also valued at S$15,000 for students who excel in athletic or artistic pursuits. Additionally, the Chairman’s Award for Resilience grants S$3,000 to students who successfully balance work and study commitments, showcasing perseverance in the face of challenges. Together, these scholarships complement SIM’s need-based financial aid, creating a holistic support system that rewards merit while ensuring inclusivity.

Conclusion: Building a Future Without Barriers

SIM’s financial assistance framework is more than a set of policies, it is a promise to the community. By investing in initiatives like the SIM Impact Fund and expanding bursaries and scholarships, SIM is actively dismantling the barriers that prevent talented individuals from reaching their potential. This approach does not just benefit students, it strengthens society by cultivating a diverse pool of graduates equipped to lead, innovate, and give back. In a world where education often comes with a hefty price tag, SIM stands out as a beacon of accessibility and empowerment. For students and families seeking assurance that quality education is within reach, SIM offers not just hope but a clear, actionable path forward.

References:

Bursaries & Financial Aid (Enhanced) – https://www.sim.edu.sg/degrees-diplomas/admissions/bursaries-and-financial-aids
Dr Richard K M Eu – SIM Social Entrepreneurship Centre (RESSEC) – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/ressec
The Dr Richard K M Eu – SIM Social Entrepreneurship Centre (RESSEC) Opens to Advance Singapore’s Social Sector – https://www.sim.edu.sg/news-events/the-dr-richard-k-m-eu-sim-social-entrepreneurship-centre-%28ressec%29-opens
SIM Scholarship – https://www.sim.edu.sg/degrees-diplomas/admissions/scholarships
SIM’s STARRR Award – https://www.sim.edu.sg/degrees-diplomas/admissions/scholarships/sim-starrr-award-for-new-undergraduate-students
SIM Award and Sports & Artistic Award – https://www.sim.edu.sg/degrees-diplomas/admissions/scholarships/sim-global-education-scholarship
SIM Global Education Diploma Scholarships – https://www.sim.edu.sg/degrees-diplomas/admissions/scholarships/sim-global-education-diploma-scholarships
Chairman’s Award for Resilience – https://www.sim.edu.sg/degrees-diplomas/admissions/scholarships/chairman-s-award-for-resilience

Hashtag: #SIMGlobalEducation #SIMGE #GlobalEducation #InternationalDegree #CareerReady #FutureSkills

The issuer is solely responsible for the content of this announcement.

About SIM Global Education

SIM Global Education (SIM GE) is a leading private education institution in Singapore and the region. We offer more than 140 academic programmes ranging from diplomas and graduate diploma programmes to bachelor’s and master’s degree programmes with some of the world’s most reputable universities from Australia, Canada, Europe, United Kingdom, and the United States. SIM GE’s cohort is made up of 16,000 full- and part-time students and adult learners, of which approximately 36% are international students hailing from over 50 countries.

SIM GE’s holistic learning approach and culturally diverse learning environment aim to equip students with knowledge, industry skills and employability competencies, as well as a global perspective to succeed as future leaders in a fast-changing, technologically driven world.

For more information on SIM Global Education, visit sim.edu.sg

Media OutReach

Beyond Academic Excellence: SIM Scholarships Champion Leadership, Resilience, and Talent

Published

1 day ago

07/12/2025

Media Outreach

SINGAPORE – Media OutReach Newswire – 7 December 2025 – The Singapore Institute of Management (SIM) is proud to reaffirm its commitment to developing future-ready graduates through a comprehensive scholarship framework that goes beyond academic achievement. These scholarships are designed to recognize and nurture qualities such as leadership, resilience, and talent. These attributes are essential for success in today’s dynamic global environment.

For decades, scholarships have been synonymous with academic excellence. SIM is redefining this narrative by adopting a holistic approach that values character, contribution, and courage alongside academic performance. This initiative reflects SIM’s mission to prepare graduates who are adaptable, innovative, and socially responsible.

Scholarships That Go Beyond Academics

SIM’s scholarship ecosystem reflects its belief that success is multidimensional. Rather than focusing solely on grades, these awards celebrate qualities such as resilience, leadership, and talent. The SIM STARRR Award, for instance, supports freshmen who embody Resilience, Resourcefulness, and Responsibility, offering up to S$36,000 in tuition fees, along with living and exchange allowances, without any bond requirement.

For students who shine in sports or the arts, the SIM Award & Sports/Artistic Talent Award provides S$15,000, disbursed in two tranches, to help them balance academic and extracurricular excellence.

International students pursuing diploma programmes can benefit from the Diploma Scholarships, which cover up to 100% of course fees for academic excellence or 50% for merit-based achievements.

For working adults who have overcome significant challenges, the SIM Chairman’s Award for Resilience offers S$3,000, recognizing perseverance and determination in the face of adversity.

Stories That Inspire

SIM’s scholarships are more than financial aid. They are catalysts for transformation, opening doors for students to turn challenges into triumphs. Take Ernita Tanudjaja, an international student who refused to let pandemic disruptions derail her ambitions. Instead, she leveraged technology to livestream events and boost engagement, showcasing resilience and resourcefulness.

Similarly, Chow Kah Ying, an ICU nurse, managed the intense demands of frontline healthcare during COVID-19 while completing her degree, showcasing perseverance and purpose. Likewise, Michelle Seah transformed O-level failure into triumph, excelling in javelin and academics to earn the SIM Sports & Artistic Talent Award, proof that determination and discipline can rewrite any story.

These journeys reflect SIM’s unwavering belief that leadership and resilience matter as much as grades, and that true achievement lies in character and contribution as much as in academic performance.

The Broader Vision

SIM’s scholarships represent more than financial assistance. They serve as a strategic platform for transformation and growth. Recipients benefit from networking opportunities that connect them with alumni and industry leaders, fostering mentorship and career development. Many scholarships also provide international exposure through exchange programmes that broaden perspectives and enhance global competencies.

In addition to academic achievement, students cultivate essential life skills such as leadership, resilience and adaptability through experiential learning and community engagement. These qualities equip graduates to excel in uncertain environments and contribute meaningfully to society.

This commitment reflects SIM’s core belief that education is not limited to examinations. It is about shaping leaders who create impact and drive positive change in a rapidly evolving world.

References: